An Act amending Title 12 (Commerce and Trade) of the Pennsylvania Consolidated Statutes, in small business first, further providing for capital development loans.

This bill updates Pennsylvania's capital development loan program to increase the maximum funding amount for small business projects from $400,000 to $2,000,000. The legislation directly affects small businesses seeking financial assistance for land, buildings, and machinery by allowing them to borrow up to 50% of their total project costs, whichever figure is lower. Under the new rules, the state authority must review applications within 30 days of receiving a complete submission and can approve loans if all requirements are satisfied. The changes apply retroactively to project costs incurred in the 12 months before an application is submitted, and the law will take effect 60 days after being signed.